Risk Management for Law Firms (eBook)

FRANK MAHER is a practising solicitor and partner at Legal Risk LLP. He has 25 years' experience defending major professional indemnity claims, including cross-border liabilities and major frauds. He advises major European and UK top 100 law firms, their insurers and other professions on risk management, anti-money laundering, compliance and professional indemnity issues. He is author of Risk Management in the Legal Profession (Ark Group, 2007) now entering its third edition, and co-author of The Money Laundering Reporting Officer's Handbook: A Guide for Solicitors (Legalease). Frank has a diploma in Anti-Money Laundering and has spoken at many events in Europe, Asia and the US on risk management and professional indemnity. Frank is a member of the Association of Partnership Practitioners and advises firms on partnership law including litigation. His expertise covers the areas of: Risk management; Professional indemnity insurance; Insurance policy wording; Anti-money laundering; Undertakings and professional conduct issues; Compliance and disciplinary; Fraud and dishonesty claims; Claims involving international and offshore jurisdictions; Group and other multiple claims and Financial services and regulatory. Legal Risk LLP are practising solicitors who advise many UK top 100, multinational and overseas law firms on risk, compliance, professional indemnity and anti-money laundering issues. For more information on Legal Risk LLP, visit: http://www.legalrisk.co.uk/

Chapter 1: Risk management today Risk management - now a statutory obligation What should be included in a risk management strategy? The returns on investing in risk management. Chapter 2: People risk Supervision Factors affecting risk management Equality and diversity Lateral hire and recruitment risk. Chapter 3: Compliance and regulation Solicitors Regulation Authority (SRA) inspections File audit Regulation Conduct rules Consequences of breach How does the SRA find out about breaches? Anti-money laundering and counter-terrorist finance compliance The Money Laundering Reporting Officer (MLRO) Risk management - not just about business prevention, but about business development Financial services Insurance mediation Mortgages Introductions and referrals. Chapter 4: Client risk in a recession Acting for friends and family Rule 2 Limiting the scope of duty The credit crunch and risk International jurisdictions and risk. Chapter 5: Professional indemnity Introduction Obtaining cover Aggregation The proposal Other types of insurance. Chapter 6: Financial management Partner borrowings Who can open accounts? Secret profits Regulatory Settlement Agreements. Chapter 7: Limiting liability The reasonableness test Limiting liability in litigation Professional restrictions on limiting liability Scope of duty Limiting liability in practice. Chapter 8: Office systems Confidentiality Document retention Information technology Data protection Business continuity Outsourcing Reputational risk Implementing a risk management strategy Index